Economic growth is a phrase used to indicate the increase in per capita GDP (gross domestic product). Many other factors like increase in aggregate income of the individuals of a nation also reflect economic growth. Economic growth is usually calculated as the rate with which GDP changes in a particular period. The number of goods and services produced by a country is a reflection of economic growth in that country. It can either be negative or positive depending upon the decrease or increase when compared to data of previous years. Negative growth is often associated with economic depression and economic recession. Whenever the GDP of a country increases it means there is economic growth which is quite beneficial for the country, its people and the global economies. 1. Improves living standards. Economic growth is vital to a country in bringing about an improvement in the living standards of its people. It also helps to reduce the rates of poverty for people of low incomes. This is principally true for underdeveloped and developing countries where growth is considered a principal method of reducing poverty among the populace. 2. High rate of employment.
Economic growth results in bringing a high rate of employment. When firms and businesses produce more outputs, their internal requirement for people gradually increases. They bring in more people to work, thus increasing the rate of employment. 3. Increased capital investment. As an accelerator effect of economic growth there is an increase in capital investment. As a result ,economic growth is sustained for long periods of time. 4. Benefits to the Government. Economic growth brings in higher tax revenues for the government, making it stronger. Along with this ,the government spends less amount of money as unemployment benefits. 5. Increased fiscal dividend. Government finances are usually of a cyclical nature. As the country’s economy boosts up, more tax revenues flow into the Government Treasury. This provides the government with additional money, which can be used for financing other projects that might lead to further development. 6. Enhanced business confidence. Economic growth creates a positive impact on the confidence that people should have when they are running their businesses. As profits of small firms and businesses gradually increase with economic growth, their business confidence rises and they exert more efforts to grow big. 7. Superior public services. When economic growth brings about an increase in government income, the government can spend more on public services like education and NHS, thus resulting in superior public services. However, nothing in this world comes for free and same is the case with economic growth. The human population is continuously engaged in extraction of natural resources which are non -renewable. With this rapid rate of extraction we will not be able to sustain this growth for very long periods of time. Thus, we should take sufficient care to keep these extractions within prescribed limits so that growth can be sustained for long.
Several other countries are distancing themselves from the dollar. In November 2010, Russia and Chian signed an agreement to trade in their local currencies. Germany agreed to conduct trade in yuan and Euro to China. Germany, a long- time ally of the United States, has also made agreements with the Chinese government to conduct trade in yuan and euros. Lastly, the IMF, the International Monetary Fund, called for an alternative for the dollar in February 2011. The United Nations as well wants a new global currency. It is clear that the New World Order is all about reverting to the world order in Babylon governed by Nimrod. Jared Kushner has been appointed the special envoy to the Middle East. He will work on brokering a deal, something that no one else has achieved before. International leaders are very frustrated at the lack of progress of any peace deal. The sticking point is the refusal of Netanyahu to relinquish Israeli sovereignty over Jerusalem.
He doesn’t want to share Jerusalem with the Palestinians. The catch 22 is that PA Chairman Mahmoud Abbas insists that Jerusalem must be involved as the Palestinian capital. Another sore point is the proposal to have Israel withdraw all land captured during the 1967 from the Palestinians. This includes East Jerusalem and the Golan Heights. The Arab Peace Initiative calling for a 2 state solution depends on the return of the land and to acquire East Jerusalem as their capital. Yet Israel will have none of it. The Israelis believe it is their God-given right to own Jerusalem. Israel also claims that they need the security by keeping military strategic lands captured in the 1967 six day war. What will happen if there truly is no way to solve the problem? Then surely a clean slate would be needed? We all know that significant changes always happen after war. Would World War 3 seriously damage Israel?